GLITCH UPDATE

[Guest]

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I was affected by the glitch with interfund transfers made on 10/19/04. Participants with SSN#'s ending in 8 and 9 did not have their transactions go through. The tsp office referred me to the FTRIB. They administer the TSP. I called this morning and the FTRIB said they would research it and call me back. They seemed to be unaware at the moment of the problem. I urge all of you that this affected and even people who are concerned about the system problem to call the FTRIB. The number TSP gave me to call is 202-942-1460. I feel this will be swept under the rug without a proper explanation. I urge all to call who are concerned about this. They need to know that we will not stand for this. You ALL could be affected next time. We need to have a explanation and also the solution so it won't happen again. This could be a potentially costly situation.

 

[clester]

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I called the number you listed and it was th SEC. They have nothing to do with FTRIB she said. Who did you call?

Thanks:X

 

[Guest]

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Your right!!!! about the number I made a mistake. The Number is

202-942-1460



Sorry

 

[clester]

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That looks like the same number both places.

Did you call it? If so what was the reply?

 

[Cinderella]

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I called the number and they confirmed that transactions were not posted for employees with an 8 or 9 at the end of their SSN, but those transactions should be posted tonight. The lady that talked to me had a script that basically said, "all systems have glitches". I asked her if steps were being taken to prevent this from happening again and she said, "I'm sure they are Ma'am".

I agree with tsptakedown that every person contributing to tsp should call them to express their dissatisfaction with the way they are running things. After all, next time the glitch could be with your SSN.

 

[nnuut]

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Yep, I am one of those with an 8 at the end oftheir SSN. Called the "Nice Lady" at TSP and was informed that we "Would not" be re-numerated for our losses due to the "Glitch". I noted that on the 19th the TSP said that my change had been processed and was effective the morning of the 19th and I expected my account to be credited with the LOUSY $120 that they owe ME, and that there are lots of us that may file a formal complaint. She was not impressed with that and said that the "TSP does not Guarantee" that changes will be processed the next day even if you beat the deadline, that 2 days are "generally" Guaranteed. Are we happy campers? Drives me NNUUTS!:*What's with this Generally stuff? Guess I'll donate my money "Generally" every payday? She didn't like that, but it's her job and not her fault.:zz

 

[nnuut]

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Oh! By the way TSP still says I have a transfer that is effective the 19th, and can't be changed? She said I had to empty my in Internet Explorer. I did this, exited Internet Explorer and did it again! Still there? :*I think we may have more of these problems. Maybe they will get the 6s and 7s next time?:U

 

[nnuut]

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Cashe - sorry! 75% S 25% C

 

[Safetyguy]

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Cinderella wrote:

I agree with tsptakedown that every person contributing to tsp should call them to express their dissatisfaction with the way they are running things. After all, next time the glitch could be with your SSN.

I think that rather than calling, we should write.It might force a response from them.

However, I can't figure out the best address to send it to -- but then again I haven't looked too hard into it today. (I do have to do something at my "phoney baloney government job" once in a while so that Ihave moneyfor TSP to mismanage)

Also, please note the important "small print" (below) that comes onthe Transfer Confirmation E-mail -- there are less than 30 days to get this messresolved!!!

"Please review the information shown above carefully to ensure that your request was implemented as you intended. If you believe your request was not processed correctly, please contact the TSP Service Office within 30 days of receiving this confirmation. (Errors identified after that time cannot be corrected.) "

 

[nnuut]

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Let's get em Safetyguy! Wonder how we can find out how many in the TSP were effected by this "glitch"? Bet it involves lots of money! We need to get all of their names somehow if we plan to do it, Or write our Congressmen and Senators.:iBet some of them lost some money?:u:I:I:I:IBut those of you that saved some money---what do you think?

 

[smedlap]

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Moving on to other issues - Nice call Tom on the recommended move to S fund. I compliment you on your recommendations, supporting informationand a nuber of other post contributers. It has been a difficult market to play. Oil price increases changed what was a well defined playing field.

I see the experts espect the dollar to continue to deteriorate against the EURO which gives a slight advantage to the I Fund, however I see Asia holding it back to a good 2nd place finish against the S Fund. I see good US small business earningfor 3qtr, oil remaining at mid $50 range until after Xmas, no realmarket moves until the elections and ifBush is re-elected, the ralley you havebeen expecting to follow.I don't see C fund making more than 5% by 31 Dec due to the weights of oil and the election. Your thoughts as I see theS fund of small / mid size business activities as continued best play. With the I fund, even though Europe is betterpostured than the US, Asia is not due to oil dependence?

Again thanks

 

[smine]

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Why can't you guys write in a normal size font? That bold big font takes up too much room. I told you months ago some of my transfers never made it either. I wrote to TSP and suggested a confirmation number each time we made changes. As usual, my replies on this forum were ignored. I'm used to it. At least get over it and use normal fonts.

 

[smedlap]

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Thanks smine. Agree. Somtimes I write in Word out of habit and paste. This is confirmation you are not ignored!

 

[tsptalk]

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clester wrote:

That looks like the same number both places.

Did you call it? If so what was the reply?

Tsptakedown asked me to update it in the first post.

 

[tsptalk]

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smine wrote:

I told you months ago some of my transfers never made it either. I wrote to TSP and suggested a confirmation number each time we made changes. As usual, my replies on this forum were ignored. I'm used to it. At least get over it and use normal fonts.

smine -
Now that it is happening to others they will listen.It's human nature. I was lucky enough not to be involved in this incidentbut I appreciate you helping those who are going through it for the first time.

Thanks!
Tom

 

[Safetyguy]

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smine wrote:

I told you months ago some of my transfers never made it either. I wrote to TSP and suggested a confirmation number each time we made changes.

Rather than re-invent the wheel here -- can you elaborate on what you did & what the response was? For instance who did you call or write to, which was useful, which was a waste of time, etc. Also, it would be good to know if it was the same kind of problem or not. (This case the transfers did go through -- they were delayed by a day for a group of partcipants whose SSNs ended in 8 or 9.)

For everyone else, I wonder how many transfers a day are made (on average)-- are we talking hundreds or thousands per day. If you assumea randomdistribution of SSNs, approximately 20% of the transfersnumber were screwed up on 10/19 meaning a large number of dissatisfied customers (and they aren't all on TSPTALK either)

 

[Mike]

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I would guess most TSP investors aren't active traders, so the number of transfers made per day is not likely to be all that large (relative to the number invested).

Perhaps Tom could create a separate section about what to do when the TSP goofs... perhaps a FAQ?

 

[clester]

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My account wasn't changed last night, still the same.
Hope they do it today!

 

[tsptalk]

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Mike wrote:

Perhaps Tom could create a separate section about what to do when the TSP goofs... perhaps a FAQ?

Maybe we could just tack that FAQ onto the "Report Problems" Forum. The problem is, I don't have the answers. I'd need some help.